Malaysia legislation

Section 2

of *FINANCIAL REPORTING ACT 1997

Section 2

In this Act, unless the context otherwise requires—

“acceptable internationally recognised accounting standards” means accounting standards issued by other accounting standards issuing bodies granted recognition by the Board under section 26A;

Laws of Malaysia ACT 558

“accounting standards” means statements of standard accounting practices used for the preparation of financial statements;

“approved accounting standards” means—

(a)

new accounting standards issued by the Board under paragraph 7(1A)(a);

(b)

existing accounting standards adopted by the Board under paragraph 7(1A)(b); and

(c)

in relation to foreign companies listed on a stock exchange in

Malaysia, acceptable internationally recognized accounting standards;

“Audit Oversight Board” means the Audit Oversight Board established under section 31C of the Securities Commission Act 1993

[Act 498];

“Board” means the Malaysian Accounting Standards Board established under section 7;

“Central Bank” means the Central Bank of Malaysia established under the Central Bank of Malaysia Act 1958 [Act 519];

“foreign company” has the same meaning as in the Companies Act 1965 [Act 125];

“Foundation”

means the

Financial

Reporting

Foundation established under section 3;

“Fund” means the Fund established under subsection 19(1);

“issues bulletin” means a statement issued or approved by the

Board under subsection 7(1A) concerning the interpretation, application or implementation of any approved accounting standards or matters relating to approved accounting standards or any matter relating to accounting practices used for the preparation of financial statements, either generally or in relation to any specific accounting principles or transactions;

Financial Reporting 7

“MASB approved accounting standards”

means approved accounting standards other than acceptable internationally recognized accounting standards;

“Malaysian Institute of Accountants” means the body established under section 3 of the Accountants Act 1967 [Act 94];

“Minister” means the Minister for the time being charged with the responsibility for finance;

“principal officer”, in relation to a public listed company, means a person by whatever name called who is responsible for the conduct of the business and administration of the public listed company, and includes a non-executive chairman of the public listed company;

“Registrar of Companies” means the Registrar of Companies appointed under the Companies Act 1965;

“Securities Commission” means the Securities Commission established under the Securities Commission Act 1993.

Read in full context — *FINANCIAL REPORTING ACT 1997 →